Bank of Baroda shares jump 8.5% as Q2 profit surges four-fold
Bank of Baroda shares surge 8.49% to settle at Rs 174.35 on BSE
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New Delhi: Shares of Bank of Baroda (BoB) on Tuesday jumped nearly 8.5% after the company posted four-fold rise in net profit for the quarter ended September.
The stock surged 8.49% to settle at Rs 174.35 on BSE. During the day, it soared 10.17% to Rs177.05. On NSE, it zoomed 8.59% to end at Rs173.90. Led by the surge in the stock, the company’s market valuation rose by Rs3,146 crore to Rs40,173 crore.
On the volume front, 42.13 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day.
State-owned Bank of Baroda (BoB) on Friday posted four-fold rise in net profit at Rs552.1 crore for the quarter ended on 30 September, 2016, despite increase in bad loans. The bank had reported a net profit of Rs124.4 crore during the same period last fiscal. Total income of the bank decreased to Rs12,046.6 crore during the quarter, from Rs12,300.4 crore in the year-ago period, BoB said in a statement.
During the quarter, gross non-performing assets (NPAs) more than doubled to 11.35% as against 5.56% in the same period of previous fiscal. Net NPAs too moved up significantly to 5.46% from 3.08% in the year-ago period.